(1) During the fifties another policy had been chosen following the rules of the game. In that period the domestic component of the money supply grew in accordance with the foreign component. In particular in 1959. the strongest boom took place during the so-called “miracle” was favoured by the fact that the high liquidity of both domestic and foreign origin accumulated during the previous recession phase was not sterilizated: thus a sudden change in previously ruling interest rates and weakenning of bank credit standards were permitted, that contributed to feeding the investment boom in the following four years. Since that time there have been only two short, even though significant periods, during which the financing of the balance of payments and the sterilization of its effects on the domestic money supply were abbandoned in favour of trying instead to produce an adjustment of the basic balance.